There’s so much noise out there on how to navigate a challenging market. This April, let Inman help you cut through the clutter to make smart business decisions in real time. All month long, we’re taking it Back to Basics and finding out how real estate pros are evolving their systems and investing personally and professionally to drive growth.
This post was last updated April 26, 2023.
Activities are the building blocks for success. If you’re looking for different results or a new level of success, it will require new activities. But not just any activities, you need to engage in activities that encourage you to be your best, improve the efficiencies in your business, and that lead you to a higher level of service for your clients.
The following are seven activities that can transform your business forever.
1. Surround yourself with doers
There are two types of people in real estate — talkers and doers. Talkers surround themselves with other talkers. They talk about what they’re going to do instead of doing it. They overthink strategy and never execute on it. They overplan an event or activity, but never act on it.
Talkers place blame on outside forces saying things like “the market is too difficult,” or “my broker doesn’t support me enough for me to succeed” or “if I just had that one tool, I would be successful.” Talkers bring the people around them down instead of lifting them up.
Doers, on the other hand, make things happen. They make the calls, go on appointments and find ways to put transactions together. They never make excuses or blame anyone else for any setbacks they might face. They persevere and stay focused on doing the things it takes to be successful. They collaborate with other agents and look for ways to uplift and support other agents.
We truly are the average of the five people we spend the most time with. So who are you spending time with? Reduce the time you spend with talkers, and increase the time you spend with doers.
2. Count your conversations
What we inspect, we can expect to improve. Do you keep a daily log of how many real estate-related conversations you have? Do you know how many conversations it takes, on average, for you to generate a transaction? The industry average is 50 real estate-related conversations to generate one real estate transaction.
Your average number of conversations needed to generate a transaction may be higher or lower, but you’ll never know until you count them. I suggest keeping a running count of how many real estate-related conversations you have until the total reaches 1,000. Once you reach that number divide the 1,000 by the number of transactions you’ve closed over the time it took you to reach the 1,000 conversations. This will reveal your average number of conversations needed to generate one transaction.
Along the way to your next 1,000 conversations, your presentation and effectiveness will improve. Your confidence will increase, because you will know these conversations are making you better and improving your business.
If you’re looking for transformation in your business, begin counting your conversations as soon as possible.
3. Take inventory of your past sales
Your past sales were a direct result of certain activities you did that led to closings. Make a list of the transactions you’ve closed over the last three to five years. Beside each transaction, make a note of the activity that brought the lead to your business. They could have come to you via a referral, an open house, circle prospecting, purchasing through an online lead generation company or any other activity that first led them to your business.
Once you’ve identified where each client came from, total the number of closings that each activity generated. Divide the number of closings each activity individually generated by the total number of transactions to arrive at the percentage of your total closings produced by each activity.
This evaluation will clearly identify the most effective lead generation sources you have for your business. It will also identify the underperformers. Focus your efforts on doing more of the activities that yield the highest results and reduce or eliminate the lower performing activities.
Taking inventory of your past sales puts you in the position to increase your efficiency and, ultimately, to increase your business.
4. Learn a new skill
This business is constantly changing; our willingness to learn new skills is a key driver for our consistent growth. What skills do you need to learn? Is it how to become more proficient in social media marketing? Is it to become more proficient in geographical farming or producing video content? Whatever it is for you, there is a way to fast track your learning process.
I began utilizing a process I named my “3-2-1” expedited learning system to help me become more proficient in certain areas quickly. The process involves watching three videos on the subject, listening to two podcasts on the topic, and reading the most popular book written on the topic.
By immersing myself in the topic visually, audibly and by reading about it, I found I absorbed the information quickly. The diverse styles of learning also led me to a desire to learn more on the subject, which led to expanding my knowledge by watching more videos and listening to more podcasts on the subject.
The more you increase your learning, the more you will ultimately increase your earning.
5. Leave reviews and testimonials for others
Reviews and testimonials continue to grow in value. Statistics show that 79 percent of people trust online reviews as much as personal recommendations. We all know we need more reviews, but many of us feel awkward asking past clients for them. If this is you, there is a better way.
I’ve found that when I give other people what I want people to give to me, my desired result works itself out. In this case, if your desire is to receive more reviews and testimonials, give other people reviews and testimonials. Write reviews for your clients’ businesses, leave a review on your lender’s Google Business Profile or on your home inspector’s website.
The law of reciprocity is considered one of the most powerful laws of human nature. It says when people receive something, they feel compelled to return the favor in kind. So how do we put this powerful law to work for us? What if you were to decide to leave one positive review for someone or some business every day for the next 60 days?
Whether you receive reviews back or not, the amount of positivity you would put into the world through these simple daily acts would have to boomerang back to you. It may show up in reviews or in the form of referrals, but the key to receiving always starts with an act of giving.
Being a review or testimonial giver leads to becoming a review or testimonial receiver.
6. Choose a niche
There is a Russian proverb that says, “If you chase two rabbits, you won’t catch either one.” If you’re looking to transform your business, become an expert in a niche. This might be focusing on one geographical area, one type of product like condos or townhomes, or one specific type of client like first-time homebuyers or investors.
Whatever it is for you, become the expert in something. By becoming known as the expert, you will attract your ideal clients in your niche and you will receive more referrals. What you focus on expands and when you focus your efforts on one niche, your business will grow.
7. Go to bed 1 hour earlier. Wake up 1 hour earlier
The least effective hour of my day is the hour before I go to bed. I’m tired, unmotivated and unfocused. Conversely, the most effective time of day for me is the morning. I’m fresh and rested, and the whirlwind of the day has yet to begin distracting me. The simple act of going to bed one hour earlier and waking up one hour earlier sets the table for you to perform at your best.
You may be a person who needs time to get going in the morning. That’s fine. Take your time to get moving, drink your coffee or whatever it is you do to get your day going. But by waking up an hour earlier, you’re going to find yourself reaching your peak performance time earlier and before the busyness of the day overwhelms you.
Being the best version of yourself doesn’t happen by accident. Be purposeful by positioning yourself to perform at your highest level possible. This can be achieved by simply waking up and going to bed one hour earlier.
The business of your dreams will be the result of the actions you take. Choose to do things today that your future self will thank you for.
